Thailand real estate
Thai Company Limited (TCL)
Also known as : Thai Limited, Ltd
Definition
A Thai limited liability company governed by the Civil and Commercial Code, equivalent to a French SARL. Composed of at least 3 shareholders, of which 51% must be real Thai citizens (not nominees) if the business activity falls under the Foreign Business Act. The TCL is the standard vehicle for a foreigner to hold land or a villa through a 49% shareholding, but the structure is fragile: if the 51% Thai shares are held by nominees (straw men), the transaction is illegal and the property is subject to seizure. The alternative legal structure is BOI 7.32 (100% foreign ownership possible).